Litigation Release No.15447/August 18, 1997
SECURITIES AND EXCHANGE COMMISSION V. TANDEM MANAGEMENT INC., WILLIAM F.
BRANSTON, EUGENE B. DEVENEY, AND PETER S. ALSOP, 95 Civ. 8411 (JGK)
(S.D.N.Y.)
The Securities and Exchange Commission announced that on August 14,
1997, the Honorable John G. Koeltl, United States District Judge for the
Southern District of New York, entered a Final Judgment against one of the
defendants, Peter S. Alsop ("Alsop"). From November 1991 until
approximately mid-1993, Alsop was Vice President of Tandem Management Inc.
("Tandem"), a registered investment adviser. The Commission's complaint
alleged, among other things, that defendant Alsop aided and abetted in
misappropriating soft dollars, providing materially false and misleading
information concerning performance, failing to disclose Tandem's precarious
financial condition, and violating books and records requirements.
The Final Judgment permanently enjoined defendant Alsop from violating
Sections 204, 206(1), (2), and (4) of the Investment Advisers Act of 1940
and Rules 204-2, 206(4)-1, and 206(4)-4 thereunder. The Final Judgment
also orders payment of $68,200 in disgorgement plus prejudgment interest
and notes the appropriateness of a civil penalty but waive payment of
disgorgement, prejudgment interest, and penalties based upon the
defendant's demonstrated inability to pay.
Defendant Alsop consented to the entry of the Final Judgment without
admitting or denying the allegations in the Commission's complaint. Alsop
also simultaneously consented to the entry of the order by the Commission
barring him from association with a broker, dealer, investment company,
investment adviser, or municipal securities dealer.
For further information, see Litigation Release No. 14670 (October 2,
1995).
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